The continent of Africa is, in itself, a powerhouse of resources and innovation. With 54 countries on the continent, much growth and development have been witnessed. Some countries have risen above their expected growth rate performance, while others can be seen struggling with their poor state of the economy. Do you know which is the richest country in Africa 2020?
Interestingly, some of the states in Africa have the potential of becoming the richest countries in the world. These states are rich in precious metals, fertile soil, and raw materials. With that said, let us look at some of the richest African countries.
Which country is the richest in Africa?
This is a question often searched by many people. Some want to find out where their nation falls while some do it out of curiosity. Here is a list of African countries that have been matched to having vast wealth.
1. Nigeria - $446,543 billion
The state has a population of about 202 million and has continued dominating the list of richest countries in Africa. The country is bestowed with bountiful natural resources that have always seen the country leading in terms of GDP as a result of being the largest crude oil exporter.
By December last year, the state was producing 1.6 million barrels in a day. Apart from oil, the state produces natural gas, limestone, niobium, lead, arable land, tin, iron ore, and zinc. However, there are speculations that due to the rising cases of unemployment and political instability, the country is bound to experience a slow growth rate. The tag of war in crude oil prices between the US, Russia, and Saudi Arabia is also set to affect the West African country.
2. South Africa - $358,839 billion
The beautiful country holds the second position when it comes to a high GDP. It majors in raw materials export, which includes gold, platinum metals, and iron ore. The nation has also been leading in both financial and manufacturing services. With the recent global economy experiencing shortcomings as a result of the COVID-19, South Africa might be facing challenges soon.
China, a significant iron ore trade partner to South Africa, also went through a cycle of closing down factories meaning things are not looking bright for the country.
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3. Egypt - $302,256 billion
The nation has been working hard to ensure they experience positive economic growth. The IMF has spearheaded the program, and as a result, they had their GDP growth rate rise from 5.3 percent in 2018 to 5.6 percent in 2019. The unemployment rate has also decreased from 9.9 percent to 7.5 percent.
The state has been focusing on wholesale and retail trade, construction, tourism, and gas extractives. Amidst all its efforts, Egypt has about 32.5 percent of people living below the poverty line, which slows down its economic growth.
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4. Algeria - $172,781 billion
The state is rich in natural gas and oil, which makes it a good candidate for enormous economic growth. However, political instability in the state has slowed down its economic growth. Also, most countries engaged in the hydrocarbon industry had their processes halted on allegations and investigations on corruption.
5. Morocco - $119,04 billion
The state’s GDP slowed down to reach 2.7 percent as opposed to estimations given by the World Bank. The country depends on agriculture, industry, and other personal services. Before the COVID-19 pandemic, the country was expected to have an estimate of a 3.3 percent growth rate in the year 2020-2021 as a result of its automotive industry, which was to increase its plant production.
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6. Kenya - $98,607 billion
The nation has been recording significant growth in the Sub-Saharan region. Kenya has had an economic growth of about 5.7 percent in 2019, which has been a result of investor confidence and a stable macroeconomic environment in the country. The nation’s strongholds are agriculture, technology, and financial services, which makes it one of the best countries in Africa.
7. Angola - $91,527 billion
Is Angola the richest country in Africa? This is a query commonly asked by most people. Well, the answer is No for now, but who knows what the future holds for Angola. The state has been improving its structural and political reforms in a bid to balance its economy.
Angola, which is rich in oil, has received massive aid and strategy plans from the IMF and World Bank to grow its GDP.
8. Ethiopia - $91,166 billion
Ethiopia has been recorded an increase of about 9.9 percent in its GDP every year. The nation’s prime minister spearheaded and launched an economic reform forum that is geared towards improving their economy. However, challenges such as political and social instability, as well as consumer inflation, could see the GDP slowing down.
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9. Ghana - $67,077 billion
The state is home to exports such as crude oil, gold, cocoa, and timber. The country recorded a growth rate of 6.7 percent in 2019. As a result of the high costs of natural gas supply and high cost, the growth rate is expected to be interrupted. Also, the recent COVID-19 epidemic is bound to affect the state’s economic growth rate.
10. Tanzania - $62,224 billion
With a growing population of about 55 million people, the state’s GDP is estimated to have a growth rate of 5.6 percent by 2019. This was because of various investments in the country, such as the installation of the new rail and a hydro-power plant. The country exports cashew nuts, gold, cotton, and coffee.
The nation’s current president has an excellent vision for the state to improve its growth rate. Maybe the country will be the richest in Africa in a few years to come.
Here is a detailed list of some of the wealthiest countries which include the richest country in Africa. With its determination to grow its GDP, it is guaranteed that the country’s growth rate will drastically improve.